Wed. Jul 28th, 2021
    DeFi, Free TON, Meetup

    Subgovernance contests reminder. DAO model implementation on Ethereum Bridge, double farming launch announcement and its PR in the Free TON community.

    Contest Updates

    Bridge Token

    Vladislav talks about approaching the DAO model implementation on the Ethereum Bridge. All popular DAO models that are currently in use were analyzed. The BRDG will be needed in case you want to become a relay node (node that checks and transmits value from one network to another). There will be a separate interface for this. It can be used not only by relay nodes, but also by token holders. Only tokens staked there will be eligible to participate in dividends. Bridge-controlled liquidity will be used in low-risk protocols.

    Dividends from these protocols are planned to be distributed among the BRDG holders. The difference between a relay node and a token holder is that the relay node, for security reasons, must lock its stake for at least a month. At least two pairs (WTON and WBTC) will be created on tonswap.io. With regard to dividends, 50% will be distributed among relay nodes, in proportion to their rate, and 50% —  among token holders.

    Vladislav announces an upcoming agreement with two protocols from the Ethereum network; they will soon appear on the bridge.

    Sergey Shashev declares the launch of double farming. When the DAO contracts audit is over, we will move on to a full DAO with relay nodes. Several tokens will also be created for the airdrop between users who previously worked as bridge testers and those who work in DEX. Launching a DAO bridge with 8 independent relay nodes (private companies) will be a big step for the DeFi ecosystem.

    Vladislav says that they do not plan to launch the DAO before the security audit is completed. The first stage of the audit has already been passed. It was decided to combine stages 3 and 4 of the bridge implementation into one. Smart Contract Farming is being updated and now supports multi-currency farming.

    To promote farming, the PR manager will prepare a document and distribute it to the community.

    Vladislav raised the topic of payment links standard on the forum. The document focuses only on payments and is similar to the BTC and Ethereum payment links.

    4
    0